Bob, it is 1 hp.  It does come with the fence and mitre, but for me the best thing about it is the blade guides.  It has bearings not cool blocks. That alone is a $125 upgrade if you buy a different saw.  The place I bought it from actually caters to cabinet makers, and since I make bows they treat me a little nicer.  

 I paid $275 less than it was marked.
Dana, I like the dowel maker.  How thick is the metal, and how did you make the holes?  Did you thin the edge of the holes so they are knife edged?  Justin